8The Board of Directors and executive board have today discussed and approved the annual report of DECIDEACT A/S for the financial year 1 January - 31 December 2022.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2022 and of the results of the company's operations and cash flows for the financial year 1 January - 31 December 2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommends that the annual report for adoption at the Annual General Meeting.Flemming Sylvang Videriksen, CEOParisa LouieLilja Rut GraetzPeter Søndergaard JensenchairmanBjarni Snæbjörn JónssonFlemming Sylvang VideriksenJacob Tackmann ThomsenThorey G. GudmundsdottirHenrik Pallisgaard JensenTo the shareholders of DECIDEACT A/SWe have audited the financial statements of DECIDEACT A/S for the financial year 1 January - 31 December 2022, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2022 and of the results of the company's operations and cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements, that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Statement on management's commentary Management is responsible for management's commentary Our opinion on the financial statements does not cover management's commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read management's commentary and, in doing so, consider whether management's commentary is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether management's commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that management's commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review.Aarhus2023-04-29DeloitteMads FauerskovState Authorised Accountantmne35428Jens LauridsenState Authorised Accountantmne34323The annual report of DECIDEACT A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. Furthermore, the company has decided to implement the recommendations made in the Danish accounting standards pertaining to reporting class B and C entities. The accounting policies applied are consistent with those of last year, but with a few reclassifications in the presentation of the annual report in the comparative figures.Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.Gross profit or loss comprises revenue, own work capitalized, cost of sales and other external expenses. Revenue from royalty is recognised in the income statement upon sale of licenses by the group companies. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Own work capitalized comprises staff costs and other costs incurred in the financial year and recognized in cost for proprietary intangible assets.Costs directly related to revenue, including transfer pricing adjustments related to sales companies in the Group.Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for administration costs, investor relations etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. Share-based programs are not recognized in the income statement, but are disclosed in a separate note.Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year.The company is subject to the Danish rules on compulsory joint taxation. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Development projects Assets comprise development projects completed and in progress with related intellectual property rights. Development projects etc are written down to the lower og recoverable amount and carrying amount. Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down The cost of development projects comprise of salaries, directly attributable external costs and a relevant share of indirect external expenses.Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specifc assessment of each development project. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-10 yearsInvestments in subsidiaries are measured in the financial statements using the equity method. Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to reserve for net revaluation according to the equity method in equity Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured a fair value of the consideration fixed. Revenue from services, comprising license contracts is recognised on a straight-line basis as the services are provided, normally over a period of 12 months.Receivables are measured at amortised cost usually equalling nominal value less writedowns for bad and doubtful debts.Corporation tax recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash comprises deposits at banks.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with acquisition and investment of enterprises, and purchase, development, improvement and sale, etc. of tangible and intangible assets. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of the company's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders. Cash and cash equivalents Cash and cash equivalents comprise of cash.-13766963-140063314419347301583124537271784893-20640037-18807055449599-150719438049112660814262626156-20966651-20827745-802563-2247904-20164088-1857984125895921922576-22753680-20502417119623041278417638355920157978961278417639404243452611394042434526111973832016236787859355138522182942011378203304431123366792431785904981591079793909808329359143676951278236682775031607595728015823323127441106595890885123223599732767229827056-242099465672841103094217197992811691763566908116917635669017192220615212127160823594121564162201236564677631780376431771592886796487580621698488115114752280158233231274489088509732767705665672840001592602157101446534100000-6999390-144653410144653412589592-22753680110659501232235922982-242099476831807810191012531225000705601225671467127000000-1327940-146712700146712701922576-205024178908850973276770566567284-20164088-1857984119779791557679-1333720-259553-19519829-1728171538049112660-777070-626156-20258850-177952117958360-19463014-17795211-5467447-3879560-22288-4951260-5489735-88308200-25384750-275140-344554783283229357504000000-3423020615213981112146680981653807823893467-8414671-27325641278236615514930436769512782366436769512782366Herein included "Own work capitalized" regarding development projects, which amounts to 1,032 tDKK in 2022 and 715 tDKK in 20213902722276458950250022200014125595902328344193473015831321950382535029841185462843804911266037192194577345765597604249446939814262626156-792431-7859040-1462000-792431-2247904-101320Current tax relates to tax credit for research and development expenses at the applicable tax rate under the Danish Corporation Tax. Act. See also note 9.15664402016318553835592172962573835592-28802260-24537270-53339530119623043835592Development projects comprise software development costs related to the development of the DecideAct platform. The software is under continuous development for the use of customers and is sold as a license through Group companies and gives the user access the software for a given period. New capitalizations are characterized as a new product or as a new feature. The user has access to upgrades and new functionalities during the contract period. The cost for maintenance and support of the DecideAct platform is expensed in the P&L. DecideAct A/S holds the IP rights for all development projects. In connection to the preparation of the financial statements Managements have considered whether indications for impairment exist. This assessment is based on current expectations and require Management to exercise professional judgment. On basis of the expectations for the future cash flows from the development projects Management have concluded that no impairment loss should be recognized.6074141112403622288495010560964296074141-2621530-111549115926-24884495992588340-1762385-2156005-262153039404243452611Name Registered office Ownership interest Equity Profit/loss for the year Decideact Solutions ApS Nexø 100 2,956,669 150,361 Decideact Solutions ehf. Reykjavik 100 365,382 235,640 Decideact Cloud Solution for Strategy Execution Management Inc. New Brunswick 100 554,421 21,934 Decideact Solutions Portugal, Unipessoal LDA Lisboa 100 63,952 41,664Decideact Solutions ApSNexø1002956669150361Decideact Solutions ehf.Reykjavik100365382235640Decideact Cloud Solution for Strategy Execution Management Inc.New Brunswick10055442121934Decideact Solutions Portugal, Unipessoal LDALisboa1006395241664The Company has receivables from Katla Seed Invest ApS. This relates to a standing loan, which was established when Katla Seed Invest ApS was a parent company to the Company. The receivables bear interests of 4% p.a.The outstanding corporate tax receivable included in the balance sheet relates to the use of the tax credit scheme under section 8X of the Danish Tax AssessmentAct, whereby the company receives payment for the tax value of losses resulting from research and development expenses. Based on the review of the criteria forusing the scheme, it is management's clear understanding that the company is eligible to use the scheme, and the recognition has been made based on this assessment. There is a risk that the Danish Tax Authority may determine that the conditions for using the scheme have not been met. If so, subsequent financial years will be negatively affected by the reduction of the outstanding corporate tax receivable through "Tax for the year" in the income statement.522488712989759442956437018116917635669012127160159986761602155756954328700376431771592To support the ongoing operations and the achievement of DecideAct’s long-term goals, the Company continuously monitors its liquidity needs. The liquidity position at the end of 2022 combined with the investment in the Company in Q1 2023 is considered sufficient to cover the liquidity needs for the next 12 months.Deferred tax receivable of DKK 6,2 mio is not recognized in the income statement and balance.The Entity participates in a Danish joint taxation arrangement as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.The company has a ban on pledging of fixed assets, intangible assets, inventory, shares in Decideact Solutions ApS, receivables, etc. and has submitted a letter of indemnity nom. 7.200 t.kr. as security for balances with Vækstfonden. The corporate mortgage includes intangible and tangible fixed assets, inventories, shares in Decideact Solutions ApS of nominal t.kr. 40 and receivables from sales. The carrying amount of pledged intangible fixed assets amounts to 15.798 t.kr. 16 Shared-based programme Specifications of outstanding warrants Number of warrants Weighted average exercise price DKK Board of Directors Executive Committee Members of staff/Advisors Total Granted 2021 8.15 0 0 94,506 94,506 Granted 3rd May 2022 6.01 137,093 18,000 86,493 241,586 Cancelled 8.15 0 0 -21,000 -21,000 Granted 24th May 2022 8.15 60,000 60,000 22,500 142,500 Granted 18th Nov 2022 5,70 105,000 60,000 15,000 180,000 302,093 138,000 197,499 637,592 Outstanding warrants have the following characteristics Weighted average exercise price DKK Vesting period Exercise period No of warrants 2022 No of Warrants 2021 Warrants granted 2021 8.15 Jan-21 Jan 21- Dec 25 94,506 94,506 Warrants granted 3rd May 2022 Members of Staff/Executive Committee 8.15 May 22 - May 24 May 22 - Dec 28 83,493 0 Warrants granted 3rd May 2022 Board of Directors 4.38 May 22 - Dec 22 May 22 - Dec 28 137,093 0 Warrants granted 24th May 2022 Members of Staff/Executive Committe 8.15 May 22 - May 24 May 22 - Dec 28 82,500 0 Warrants granted 24th May 2022 Board of Directors 8.15 May 22 May 22 - Dec 28 60,000 0 Warrants Granted 18th Nov 2022 5.70 May 23 May 23 - Dec 29 180,000 0 637,592 94,506 According to the AoA the Board of Directors has been authorized to pass a resolution to issue a total of 872,500 warrants of which 208,414 warrants have not yet been issued. A total of 26,494 warrants have either been issued and cancelled or are outdated bringing the total outstanding warrants to 637,592. According to the AoA the Board of Directors can issue up till 6 mio. warrants to current shareholders. Terms have not yet been determined.-38049-11266081426262615624537271784893-4495991507194-802563-22479042010-609690417771-724030-677324-1333720-259553Årsrapport36077735Decideact ApSØstre Kajgade 33730 Nexø2022-01-012022-12-312021-01-012021-12-3136077735DECIDEACT A/SØster Kajgade33730NexøDKDanmark2014-09-01Bornholm27114460decideact@invoicedrop.comDeloitte33963556Mads FauerskovState Authorised AccountantCity Tower, Værkmestergade28000AarhusDKDanmark2023-05-24Rasmus Schou PedersenRegnskabsklasse BRevisionspåtegningCaseWare-FSRfalsefalsefalsefalse360777352022-01-012022-12-31360777352022-01-012022-12-311360777352022-01-012022-12-312360777352021-01-012021-12-31360777352022-01-012022-12-31g:RetainedEarningsMember360777352021-01-012021-12-31g:RetainedEarningsMember360777352021-12-31360777352022-12-31360777352022-01-01g:InvestmentsInGroupEnterprisesMember360777352021-01-01g:InvestmentsInGroupEnterprisesMember360777352022-01-012022-12-31g:InvestmentsInGroupEnterprisesMember360777352021-01-012021-12-31g:InvestmentsInGroupEnterprisesMember360777352022-12-31g:InvestmentsInGroupEnterprisesMember360777352021-12-31g:InvestmentsInGroupEnterprisesMember360777352022-01-012022-12-311360777352022-01-012022-12-312360777352022-01-012022-12-313360777352022-01-012022-12-314360777352022-01-012022-12-315360777352022-01-012022-12-316360777352022-01-012022-12-311360777352022-01-012022-12-312360777352022-01-012022-12-313360777352022-01-01g:ContributedCapitalMember360777352022-01-012022-12-31g:ContributedCapitalMember360777352022-12-31g:ContributedCapitalMember360777352022-01-01g:SharePremiumMember360777352022-01-012022-12-31g:SharePremiumMember360777352022-12-31g:SharePremiumMember360777352022-01-01g:RetainedEarningsMember360777352022-01-012022-12-31g:RetainedEarningsMember360777352022-12-31g:RetainedEarningsMember360777352022-01-01g:CompletedDevelopmentProjectsMember360777352022-01-012022-12-31g:CompletedDevelopmentProjectsMember360777352022-12-31g:CompletedDevelopmentProjectsMember360777352021-12-31g:LongtermDebtToOtherCreditInstitutionsMember360777352022-12-31g:LongtermDebtToOtherCreditInstitutionsMember360777352022-01-01360777352021-01-01360777352022-01-012022-12-31g:SubsidiaryMember1360777352022-12-31g:SubsidiaryMember1360777352022-01-012022-12-31g:ReserveForNetRevaluationOfInvestmentAssetsMember360777352021-01-012021-12-31g:ReserveForNetRevaluationOfInvestmentAssetsMember360777352022-01-012022-12-31g:SubsidiaryMember2360777352022-01-012022-12-31g:SubsidiaryMember3360777352022-01-012022-12-31g:SubsidiaryMember4360777352022-12-31g:SubsidiaryMember2360777352022-12-31g:SubsidiaryMember3360777352022-12-31g:SubsidiaryMember4360777352021-01-01g:ContributedCapitalMember360777352021-01-012021-12-31g:ContributedCapitalMember360777352021-12-31g:ContributedCapitalMember360777352021-01-01g:SharePremiumMember360777352021-01-012021-12-31g:SharePremiumMember360777352021-12-31g:SharePremiumMember360777352021-01-01g:RetainedEarningsMember360777352021-01-012021-12-31g:RetainedEarningsMember360777352021-12-31g:RetainedEarningsMember360777352022-01-01g:ReserveForDevelopmentExpenditureMember360777352022-01-012022-12-31g:ReserveForDevelopmentExpenditureMember360777352022-12-31g:ReserveForDevelopmentExpenditureMember360777352021-01-01g:ReserveForDevelopmentExpenditureMember360777352021-01-012021-12-31g:ReserveForDevelopmentExpenditureMember360777352021-12-31g:ReserveForDevelopmentExpenditureMember360777352022-12-31g:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember360777352021-12-31g:LongtermBillsOfExchangePayableMember360777352022-01-01g:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember360777352022-01-012022-12-31g:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember360777352022-12-31g:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember360777352021-01-01g:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember360777352021-01-012021-12-31g:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember360777352021-12-31g:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMemberiso4217:DKKxbrli:pure